Chemrez targets P2-B revenues in 2009

Chemrez Technologies Inc., the country’s leading producer of biopetroleum, oleochemicals, resins and powder coatings, is targeting P2 billion in revenues next year, driven by strength across all its businesses.

Chemrez chief finance officer Francis Caluag said sales from biodiesel will increase when the mandated blend of diesel is doubled to two percent from the current one percent.

Caluag said the growth in revenues will also come from higher contributions from the firm’s oleochemical and other green chemistry product lines specially from abroad.

“The company has a diverse portfolio of products and markets and it has been focusing substantial efforts on export business development,” he said.

In the first half of the year, Chemrez reported a 37 percent growth in its first half net profit to P276.9 million on the back of a 51.2 percent jump in revenues.

The significant improvement in financial performance was attributed to the strong performance of the company’s oleochemical business.

Other oleochemicals, which go mainly to the soap and detergent industry, also registered substantial upside as domestic and export tonnage hit 117 percent and 66 percent growth, respectively, over last year.

The oleochemical and biopetroleum lines contributed approximately 57 percent of consolidated revenues while resins accounted for 39 percent.